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Forex News – US government shutdown looms as midnight deadline approaches

Posted on September 30, 2013 at 9:31 am GMT

Dominating the headlines on Monday is the political crisis in Washington DC which could send the markets in a tailspin. The dollar has certainly been negatively affected, and fell to a month low against the yen in early trading on Monday. The US government is at risk of a shut down as there is failure to reach a realistic budget agreement and to pass a temporary funding bill to keep US federal agencies open. The last government shutdown was 17 [..]

Forex News – USDJPY jumps after surprise drop in jobless claims

Posted on September 26, 2013 at 12:56 pm GMT

The US dollar jumped against the yen on Thursday after data showed that initial job claims were down by 5000 last week to fall from 305,000 from 310,000. This surprised markets which expected a 325,000 increase in claims. Jobs data have become increasingly important since the Federal Reserve is closely watching the labor market in order to be able to decide when to begin tapering its huge stimulus program. ($85 billion in monthly asset purchases). Unemployment, while declining from 8.1 [..]

Forex News – Sterling falls as UK deficit larger than expected

Posted on September 26, 2013 at 9:24 am GMT

Sterling tumbled against the dollar and the euro in early London session trading on Thursday after the release of UK data on Final GDP and trade balance. According to a report from the UK Office for National Statistics, GDP rose to 0.7 percent in the second quarter which was in line with expectations. Meanwhile, on a yearly basis, the report showed however that GDP rose 1.3 percent in the second quarter, compared to expectations for a 1.5 percent increase. In [..]

Forex News – New home sales in US higher than forecast, lift dollar

Posted on September 25, 2013 at 7:40 pm GMT

Sales of new homes in the United States were up 7.9 percent in August after a 14 percent decline in July, giving hope that the slowdown in the nation’s housing sector has begun some recovery. The US housing sector, which has been a major drag on the US economy since the 2007-09 recession, appeared to turn a corner early last year when home prices began to rise. The Commerce Department reported on Wednesday that sales of newly built, single-family homes [..]

Forex News – USDJPY bounces after US durable goods orders

Posted on September 25, 2013 at 1:13 pm GMT

The US dollar jumped against the yen after US data on durable goods orders which rose 0.1 percent during the month of August, beating expectations. These goods include long-lasting U.S. manufactured goods (more than three years). Demand for new cars drove the overall gain in new orders of durable goods, which include everything from toasters to tanks. Forecasts were for overall goods orders to be flat. The increase is a good a signal that the factory sector gained a step [..]

Forex News – Sterling boosted by strong UK retail sales data

Posted on September 25, 2013 at 10:23 am GMT

Sterling jumped against the dollar and the euro after some positive UK economic data on Wednesday which fueled optimism over the UK’s economic outlook. A report on retail sales volumes was released by the Confederation of British Industry, which showed that the September index rose to the highest level since June 2012, a new 15-month high. The index climbed to 34.0 in September from a reading of 27.0 in August, beating forecasts of a decline to 24.0 this month. On [..]

Forex News – Euro dips after German Ifo misses forecasts

Posted on September 24, 2013 at 8:34 am GMT

The euro dipped against the dollar immediately after the German Ifo report released on Tuesday. The key survey on German business sentiment for September fell below expectations. It missed the forecast for a reading of 108.2. That compared with a revised reading of 107.6 in August. The Munich-based Ifo think tank based its monthly survey on 7,000 German firms in the manufacturing, construction, wholesale and retail sectors. EURUSD slipped $1.3492 after the survey was released at 0800GMT from $1.3515 beforehand. [..]

Forex News – French PMI disappoint, euro slips slightly

Posted on September 23, 2013 at 9:22 am GMT

A series of PMI data from the Euro zone were released on Monday, with particular focus on Germany and France. French PMI disappointed markets as data showed manufacturing activity dipped during September. PMI printed a reading of 49.5, down from August’s 49.7 and less than the expected 50.2. A reading above 50 in the Markit surveys indicates an expansion in activity, while below 50 signals contraction. While German manufacturing PMI was below forecast, the number remains above the key 50 [..]

Forex News – China shows growth after PMI data, Aussie rises

Posted on September 23, 2013 at 7:26 am GMT

China PMI data released on Monday gave optimism to investors that the world’s second largest economy is growing. A private survey by Markit/HSBC showed that flash manufacturing beat expectations this month and rose 51.2, better than the 50.1 reading in August. Anything above 50 suggests expansionary activity in the sector. Analyst forecasts were for a 50.9 reading. The data showed that the Chinese government’s “fine-tuning” efforts are paying off. This early indicator is the latest in a series of economic [..]

Commodities – Gold falls as speculation grows that taper will come soon

Posted on September 20, 2013 at 9:39 pm GMT

Gold ended the week close to where it began it, giving up most of its gains after reversing the Fed-induced rally that took it to $1,374 on Thursday after the Federal Reserve decision not to taper. The Fed’s decision on Wednesday to maintain the pace of the bond purchase program raised concerns about the central bank’s credibility so gold was bought as a safe haven after investors were disappointed. The dollar tumbled on the Fed announcement, causing gold to rise [..]

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